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See the table in Item 7 of this Annual Report, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Executive Overview” for more detailed information on the geographic locations of our communications sites.
−Removed: In addition, we own property interests that we lease to communications service providers and third-party
−Removed: tower operators in Canada and the United States, which are included in our U.S.
+Added: In addition, we own property interests that we lease to communications service providers and third-party tower operators in Canada and the United States, which are included in our U.S.
& Canada property segment, and also own and operate data center facilities and related assets in the United States, which are included in our Data Centers segment.
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& Canada Property Segment Encumbered Sites .
−Removed: As of December 31, 2024, the loan underlying the securitization transactions completed in March 2018 and March 2023 (the “2018 Securitization” and the “2023 Securitization”, respectively, and together, the “Trust Securitizations”) is secured by mortgages, deeds of trust and deeds to secure the loan on substantially all of the 5,029 broadcast and wireless communications towers and related assets owned by the borrowers (the “Trust Sites”) and the secured revenue notes issued in a private transaction completed in May 2015 (the “2015 Securitization”) are secured by mortgages, deeds of trust and deeds to secure debt on substantially all of the 3,338 communications sites owned by subsidiaries of the issuer (the “2015 Secured Sites”).
+Added: As of December 31, 2025, the loan underlying the securitization transactions completed in March 2018 and March 2023 (the “2018 Securitization” and the “2023 Securitization”, respectively, and together, the “Trust Securitization”) is secured by mortgages, deeds of trust and deeds to secure the loan on substantially all of the 5,023 broadcast and wireless communications towers and related assets owned by the borrowers (the “Trust Sites”).
There are no encumbered sites in our Africa & APAC, Europe or Latin America property segments or in our Data Centers segment.
4 unchanged sentences
Our customers are primarily wireless service providers, broadcasters and other companies in a variety of industries.
−Removed: For the year ended December 31, 2024, our top three customers by total revenue were T-Mobile (19%), AT&T (18%) and Verizon Wireless (13%).
+Added: For the year ended December 31, 2025, our top four customers by total revenue were T-Mobile (18%), AT&T (17%), Verizon Wireless (14%) and Telefónica (10%).
Across most of our markets, our tenant leases for our communications sites with wireless carriers have initial non-cancellable terms of five to ten years with multiple renewal terms.
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Data Centers.
−Removed: We own and operate data center facilities and related assets, and as of December 31, 2024, our data center portfolio consisted of 29 data center facilities across ten United States markets, across 3.3 million net rentable square feet (“NRSF”).
+Added: We own and operate data center facilities and related assets, and as of December 31, 2025, our data center portfolio consisted of 30 operating data center facilities across eleven United States markets, across 3.7 million net rentable square feet (“NRSF”).
Our principal corporate headquarters is leased and located in Boston, Massachusetts, where we currently lease approximately 61,000 square feet of office space.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.